Detroit's pension systems to move out of Coleman A. Young building

Aug. 29, 2013

Written by

Detroit Free Press Staff Writer

Detroit’s two pension funds this week agreed to move their operations out of city hall this fall to the One Detroit Center across the street.

Pension officials estimate the move will save the funds about $1 million in rent costs. The city’s two retirement systems — the Detroit Police and Fire Retirement System and the General Retirement System — share office space in the Coleman A. Young Municipal Center and have about 60 employees.

A new lease at the Coleman A. Young Municipal Center would have included up to $1 million in repair costs for a chiller that cools the pension funds’ board room and other computer spaces, according to a news release about the move. A spokesman for the Detroit Police and Fire Retirement System said the repairs are not needed now that the retirement systems have agreed to move. The funds did not release financial figures on its new lease.